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The differences between loan doc specialists and loan closers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a loan doc specialist and a loan closer. Additionally, a loan closer has an average salary of $39,093, which is higher than the $38,480 average annual salary of a loan doc specialist.
The top three skills for a loan doc specialist include customer service, organization and origination. The most important skills for a loan closer are customer service, excellent organizational, and TRID.
| Loan DOC Specialist | Loan Closer | |
| Yearly salary | $38,480 | $39,093 |
| Hourly rate | $18.50 | $18.79 |
| Growth rate | -3% | -3% |
| Number of jobs | 31,243 | 11,431 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 51% |
| Average age | 42 | 42 |
| Years of experience | 4 | 4 |
A loan document specialist is a person who gathers loan documents from the client to help them with the approval of their mortgage, credit, and lease application for a business, home, and school needs. They are responsible for combining the data that is needed and then reviewing and compiling it according to loan requirements and guidelines. A loan document specialist also communicates with the client if there are any problems and additional documents that are needed. Furthermore, the specialist is a person who knows how to manage loans and has organizational and management skills.
A loan closer is primarily in charge of handling and closing loan documentation, ensuring accuracy and smooth transactions. A loan closer's responsibilities revolve around liaising with clients to guarantee that they adhere to every term in the contract, preparing necessary reports and documents, monitoring payment progress, and ensuring that they have a deep understanding of the obligations under the contract. Furthermore, it is essential to maintain records of all transactions and assist clients, all while implementing the company's policies and regulations.
Loan doc specialists and loan closers have different pay scales, as shown below.
| Loan DOC Specialist | Loan Closer | |
| Average salary | $38,480 | $39,093 |
| Salary range | Between $25,000 And $58,000 | Between $30,000 And $50,000 |
| Highest paying City | Jersey City, NJ | Bellevue, WA |
| Highest paying state | West Virginia | Washington |
| Best paying company | Valley Children's | Tata Group |
| Best paying industry | Finance | Finance |
There are a few differences between a loan doc specialist and a loan closer in terms of educational background:
| Loan DOC Specialist | Loan Closer | |
| Most common degree | Bachelor's Degree, 47% | Bachelor's Degree, 51% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between loan doc specialists' and loan closers' demographics:
| Loan DOC Specialist | Loan Closer | |
| Average age | 42 | 42 |
| Gender ratio | Male, 29.0% Female, 71.0% | Male, 22.6% Female, 77.4% |
| Race ratio | Black or African American, 11.2% Unknown, 4.5% Hispanic or Latino, 14.5% Asian, 8.6% White, 60.8% American Indian and Alaska Native, 0.4% | Black or African American, 12.9% Unknown, 4.3% Hispanic or Latino, 14.8% Asian, 7.0% White, 60.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 7% | 7% |